Does the adoption of cybersecurity best practices influence individuals’ susceptibility to online financial fraud?

Abstract

In recent years, there's been a noticeable increase in online financial fraud, posing a significant threat to individuals. Factors like the expanding digital landscape and sophisticated cybercriminal activities contribute to this growth. Recognizing the importance of security awareness; best practices behavior online and password management, this essay explores further their impact on individuals' susceptibility to online financial fraud. The primary research question guiding this study is: "Does the adoption of cybersecurity best practices influence individuals’ susceptibility to online financial fraud?". To answer this, a quantitative study surveyed 226 individuals online, aiming to understand their behaviors and experiences. The main findings revealed that there might be a relationship between downloading free software online and sharing personal information online, leading to increased susceptibility to online financial fraud. This thesis aims to contribute insight into the field of cybersecurity in Iceland by examining twelve factors, and their susceptibility to online fraud. By identifying specific factors, we aim to enhance understanding and bring actionable recommendations for mitigating cybersecurity risks.